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ATM Industry Association

ATMIA

As an independent, non-profit trade association, engaged in non-competitive promotion of our industry, our mission is: to promote ATM convenience, growth and usage worldwide; to protect the ATM industry's assets, interests, good name and public trust; and to provide education, best practices, political voice and networking opportunities for member organizations.

Lobbying Activity

Response to Communication on latest developments in relation to the euro coins

17 Jul 2017

The cost of 1 and 2 cent coins should not be looked at in isolation. Coins have a vital role to play, firstly, as a means of making a cash payment, either on their own or in conjunction with banknotes and, secondly, as residual change, when a payment proffered is in excess of the amount required to carry out a transaction. The importance of coins can be demonstrated by the situation which is occurring in Norway and Denmark. In both these countries, retailers and restaurants are required by law to accept cash payments. However, actions by commercial banks have made it inconvenient for such businesses to access cash in general and coins in particular. They therefore struggle to deliver residual change to their customers to complete transactions. This in turn undermines public confidence in cash as a payment method. In my view, 1 and 2 cent coins must be retained unless it can be proven absolutely conclusively that they no longer have a role to play in the convenient use of cash for payments. Before reaching any such conclusion, full account needs to be taken of the access the public have to the coins. It would be disingenuous to claim the coins are no longer used, if the real issue is that withdrawal and/or deposit facilities are not readily available to both businesses and the public in general.
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